Albertans Plan To Use Home Ownership As Primary Source Of Retirement Income

With house prices continuing to grow in Canada, a new survey shows nearly 26 per cent of Albertans intend to use their homes as their primary source of income after they leave the workforce.

The 2014 Sun Life Canadian Unretirement Index, released Wednesday, also found that 17 per cent do not know if their investment in their home will serve as their primary source of income during retirement.

The survey also found that 12 per cent of Albertans expect retirement income to come from home equity; 28 per cent to come from government plans; 29 per cent to come from personal savings; and 21 per cent to come from employer plans.

According to the Calgary Real Estate Board, month-to-date until Tuesday, the average MLS sale price in Calgary was $490,882, up 7.33 per cent from a year ago while the median price has risen by 7.68 per cent to $425,350. In the single-family home market, the average price has jumped by 7.33 per cent as well to $554,011 while the median price has increased by 8.83 per cent to $480,000.

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